The Philippine government has requested the United States to extend the waiver period to allow continued purchase of oil from Russia amid efforts to diversify the country's energy sources.
Philippine government officials revealed they are currently awaiting a response from the US on extending the waiver period to continue purchasing Russian oil, confident that the extension will be approved.
The Philippine authorities stated that allowing imports of Russian oil is just one strategy to increase energy options; they are also seeking other import sources such as Colombia, Argentina, Canada, and the United States to diversify risk.
Previously, Philippine Ambassador to the US Jose Manuel Romualdez said Manila is working with Washington to obtain a sanctions waiver for buying oil from countries penalized by the US.
Meanwhile, President Ferdinand Marcos Jr. has ordered a temporary suspension of excise taxes on kerosene and liquefied petroleum gas (LPG) after receiving special powers from Congress to restructure energy taxes.
However, the government’s economic team continues to oppose suspending taxes on diesel and gasoline.
Finance Minister Frederic Go disclosed that the Budget Coordination and Economic Development Committee believes reducing diesel and gasoline taxes may not significantly lower pump prices, due to ongoing global market pressures, leading the government to prefer targeted measures over broad tax cuts.
:Sourcechannelnewsasia
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